TSLA breaks below 20-day moving average
Tesla Inc. (TSLA) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
TSLA finished Monday at 291.21 losing $9.13 (-3.04%). Today's closing price of 291.21 marks the lowest close since April 9th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 295.98, the market confirms its breakout through the prior session's low having traded $6.97 below it intraday.
Daily Candlestick Chart (TSLA as at Apr 16, 2018):
Monday's trading range was $9.99 (3.34%), that's below last trading month's daily average range of $15.45. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 294.76 today, it is now likely to act as resistance going forward.
Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. Tesla broke below the 20-day moving average at 292.57 today for the first time since April 12th.